HelioVolt opens Texas thin-film plant

Austin, Texas-based HelioVolt announced today that it opened its first factory for manufacturing thin-film solar energy products.

The company said the new plant, located in Austin, will have an initial production capacity of 20 megawatts, with the ability to expand as the company increases production in the U.S. and abroad.

"Clean and renewable energy technologies likely represent the single greatest economic opportunity of our generation," said B.J. Stanbery, CEO and founder of HelioVolt, in a statement.

"We at HelioVolt are proud to be contributing to job creation, market growth, energy stability and environmental sustainability – the combined benefits that makes this new clean economy a positive direction for our country."

HelioVolt said the 122,400 square foot facility is expected to create approximately 160 new jobs. Cash for the construction of the new plant was financed by the company Series B funding round, which closed last October at $101 million.

The second tranche of that round came from Sequel Venture Partners, Noventi Ventures, and Passport Capital, with a first tranche of $77 million led by Paladin Capital Group and the Masdar Clean Tech Fund.

Earlier this month, Fremont, Calif.-based competitor Solyndra debuted its copper indium gallium selenide, or CIGS, system and announced $600 million in venture capital funding (see Solyndra reveals thin-film solar tubes).

Solyndra pulled in the cash from the Virgin Green Fund, Madrone Capital Partners, RockPort Capital Partners, Argonaut Capital Partners, Redpoint Ventures, US Venture Partners and CMEA Ventures.

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